Speaking of reasons why I enrolled in AKPK debt management program (DMP), I have cited quite a few reasons whenever I mention my AKPK DMP.
I am sure they are of the same reasons given by others who were or are in debt management plans.
Let me share with you top 10 reasons why people with credit card and personal debts, including myself, have turned to debt management programmes to pay off the debt.
May the reasons stated below help you make up your mind whether a debt management program is the right debt relief option for you.
1. You have tried out self repayment plan but it doesn’t help much to decrease your debt balance. I did try out self credit card debt reduction from April 2007 to August 2008 and managed to bring down my credit card debt from RM63,809 to RM40,344. But since then, the amount of debt balance didn’t decrease much.
2. You are so deeply in financial crisis that you need to get rid of your debt before any legal proceeding such as being sued for bankruptcy starts. Although I was able to bring down my credit card debt through self debt reduction plan, I still decided to turn to AKPK debt management program.
Why? Well, I couldn’t bear with the late payment fees and over-limit charges imposed by banks anymore; the amount of late payment fees and over the limit charges was so much that it made my efforts of paying down my credit card debt a waste of my hard-earned money.
3. You don’t want to be disturbed by irritating and harassing phone calls from debt collection agencies. Ask anyone who has been behind their payments or has missed a few credit card payments, they will tell you how stressful and depressing it is when it comes to handling calls from banks and collection agencies, and also piles of notices and warning letters.
4. You would like to lower the interest rates on your outstanding balances so that you are able to save money. From 18% interest rates to 6% or 7% interest rates, I must say that it’s a huge saving.
5. You don’t want to pay extra charges due to late payment. One day in August 2008, I told hubby that I had had enough of paying the never-ending late payment and over-limit fees charged by banks that brought us to nowhere, but increasing credit card debt!
6. When your budget is too tight, a debt management plan allows you to lower your monthly payment. Due to economy downturn, hubby’s meager income and my decreasing online income made us opt for lower payments for our credit cards.
Previously hubby and I had to pay more than RM2,500 for the credit card minimum payments. But with AKPK’s debt repayment plans, we are allowed to pay much much lower payments to our creditors. My DMP is RM320 per month while hubby’s DMP is RM360.
7. You have no idea about managing your own debt at all and you need proper guidance.
8. You have multiple bills and you can’t manage them efficiently.
9. You find that you need a professional credit counselor to assist you to work out a budget based on your income and commitment.
10. Your credit score is in a bad shape and there is a need for you to rebuild it through a proper debt management program.
As a credit card debt woman who has been in a free debt management program since 2008, I am always asked why I opted to sign up a 